Crown Heights Development
For Sale
Contact for pricing
991 Eastern Parkway, Brooklyn, NY 11213
Prime Brooklyn development site with approved plans for residential units.
Property Size7,582 SF
Lot Size0.24 Acres
Price / SF$593.51
Days on Market147
Property Features for 991 Eastern Parkway
General Information
Standard status
Active
Size
7,582 SF
Lot size
0.24 Acres
Property subtype
Multifamily
Zoning
R6
Building Details
Stories
4
Units
39
Listing Agency:
Asset CRG Advisors, LLC
(347) 762-4055
Listed By:
Sadya Liberow · License #NY
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Jul 16 at 3:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Asset CRG Advisors, LLC
Investment Insights
Based on property information with market context.
Located in the Crown Heights neighborhood of Brooklyn, 991 Eastern Parkway presents a development opportunity. The property includes a four-story masonry building on a 10,386 square foot through-lot. The building was previously being converted and redeveloped into 10 residential units, with frontage on both Eastern Parkway and Lincoln Place. Previously approved plans included three separate buildings totaling 39 condominium units. Zoned R6, the site allows approximately 28,129 square feet of buildable space as-of-right and up to 40,505 square feet under UAP. Foundation work has already been completed for 985 & 991 Eastern Parkway, and the church facade has been reinforced. The property is within walking distance of the Utica Avenue Station (2, 3, 4, 5) train station. The property is located along Eastern Parkway, near Prospect Park, the Brooklyn Museum, and various dining, shopping, and educational institutions.
Key Highlights
- Prime development opportunity in Crown Heights with a 10,386 SF through‑lot.
- As‑of‑right buildable space of approximately 28,129 SF, with potential for up to 40,505 SF under UAP.
- Previously approved plans for 39 condominium units and existing foundation work completed for 985 & 991 Eastern Parkway.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$231,471
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,629,420
$4.6M
Cap Rate 7%
$3,306,729
$3.3M
Cap Rate 9%
$2,571,900
$2.6M
Market Conditions
NOI Build-Up for 7,582 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$429.4K $56.64/SF
− Vacancy
−$8.6K −$1.13/SF
EGI
$420.9K $55.51/SF
− OpEx
−$189.4K −$24.98/SF
NOI
$231.5K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,629,420
Cap Rate 7%
$3,306,729
Cap Rate 9%
$2,571,900
Alternative Uses
Best Use
Apartment 5plus
$3.31M
$2.89M – $3.86M
NOI $231,471 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.28M
$5.49M – $7.32M
NOI $439,453 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Prime Brooklyn development site with approved plans for residential units.
Where is this residential land & home lot located?
The property is located at 991 Eastern Parkway Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Prime development opportunity in Crown Heights with a 10,386 SF through‑lot.; As‑of‑right buildable space of approximately 28,129 SF, with potential for up to 40,505 SF under UAP.; Previously approved plans for 39 condominium units and existing foundation work completed for 985 & 991 Eastern Parkway.
